7 major banks, including BankofAmerica, JPMorgan Chase, and Wells Fargo, have teamed up to launch a digitalwallet to compete with Paypal and ApplePay.
Seven major banks, including Bank of America, JPMorgan Chase, and Wells Fargo,
The wallet will be managed by fintech firm Early Warning Services , which owns and operates Zelle. EWS provides risk management solutions to financial institutions, government entities, and payment companies. It is co-owned by Bank of America, JPMorgan Chase, Wells Fargo, Truist, Capital One, PNC Bank, and U.S. Bank.
EWS plans to begin rolling out the new wallet in the second half of this year. Visa and Mastercard are already on board, and the fintech firm has reached out to other card networks, such as Discover Financial Services, to assess their interest in adding their cards to the wallet.
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